The valuation still leaves Lyft way below Uber, which is valued at $70 billion, but the timing comes amid a string of controversies that have left the ride-sharing giant in turmoil in recent months.

In March alone, Uber’s president Jeff Jones quit the company, one of the firm’s self-driving cars crashed on a public road in Arizona, and new taxi laws in Denmark meant the company will be forced to cease operations in the Scandinavian country.

The tumultuous month followed criticism directed at CEO Travis Kalanick for arguing with an Uber driver and a #DeleteUber campaign trend on Twitter.

Uber is also being sued by Google’s Waymo over claims it stole self-driving technology from its rival.

Anthony Levandowski, head of driverless vehicles at Uber, allegedly downloaded 14,000 “highly confidential” files to a hard drive during his time at Waymo, which prosecutors claim Uber ultimately benefited from.